But, the assumption was, well, when five years comes up you refinance the mortgage; you get a new one.

不过,如果假设,你在五年末又重新申请了抵押贷款,你则得到了一个新贷款

耶鲁公开课 - 金融市场课程节选

It started offering, indirectly, but started offering mortgages to all these people who couldn't refinance.

它间接地,向那些无法重新申请抵押贷款的人,提供贷款

耶鲁公开课 - 金融市场课程节选

So, people would be turned down for the refinancing of their mortgage.

因此人们重新申请抵押贷款的要求,会被拒绝

耶鲁公开课 - 金融市场课程节选

It's very important to understand that the mortgage balance is recomputed, according to this formula every month and they will send you a statement showing how your mortgage balance is falling.

根据这个公式 抵押贷款余额,每个月都要重新计算,理解这一点非常重要,他们会给你寄对账单,告诉你抵押贷款余额减少的情况

耶鲁公开课 - 金融市场课程节选